As one of only three teams with significant cap room now that the Orlando Magic has reached an oral agreement with Rashard Lewis, the Memphis Grizzlies are weighing their options with interest in Andres Nocioni as well as Cavaliers restricted free agent Anderson Varejao.

The longer the Grizzlies wait, however, the more attractive a Bulls offer that already is on the table could become.

A source said the Bulls' five-year offer starts near $6.3 million to $6.4 million for the first season. Factoring in a 10.5 percent increase of the first season's salary annually, the total package sits at approximately $38.1 million to $38.7 million.